Now is a great time to sell your old car

Posted by Peter Valdes-Dapena

Share on Facebook

Tweet on Twitter

 

(CNN) If you’ve got a car you don’t use very much, congratulations. You’ve got gold in your garage.

 

With the auto industry thrown into disarray by shortages of computer chips and other components needed to build cars and trucks, shoppers are regularly paying nearly full sticker price for new vehicles. Thinning supplies of factory-fresh new cars have also made it difficult for some shoppers to find the new vehicle they want with the paint color and options they’re looking.
Accordingly, many are turning to used cars instead. That, in turn, has driven up used car prices.
Lightly used vehicles — those that are a couple of years old with low mileage — are now selling for 75% to 80% of their original sticker price, said Ivan Drury, an auto industry analyst with Edmunds.com. As recently as 2019, a more normal year, those cars would have been going for65% to 70% of their original price.
“If somebody has a second or third or fourth vehicle or whatever that they’re not using, they can definitely capitalize on that right now,” said David Paris, a vehicle valuation analyst with J.D. Power.